Digital asset manager CoinShares says Ethereum competitor Solana saw more institutional capital inflows than any other crypto asset last week.
In its weekly report, the company says Solana has seen more than twice as much institutional capital as Ethereum.
“Solana, a competitor to Ethereum that offers flexible infrastructure and faster transaction processing, had the largest inflows of any digital asset last week, totaling $ 7.1 million.
Ethereum saw minor inflows totaling $ 3.2 million last week, along with other altcoins such as Cardano, Litecoin, and Polkadot that made inflows of $ 6.4 million, $ 1.8 million or $ 1.1 million. “
Solana, backed by FTX CEO Sam Bankman-Fried, has seen a 92.9% rally over the past two weeks, while Ethereum has seen an 11% increase over the same period.
Red-hot Cardano (ADA), which has rallied 35% in the past seven days according to CoinGecko, saw only slightly fewer institutional inflows than Solana, according to CoinShares.
As for Bitcoin, the company says the world’s leading cryptocurrency by market cap has seen outflows totaling $ 2.8 million for the seventh straight year. CoinShares says that while the lack of inflows in Bitcoin may indicate negative sentiment, it also “masks very mixed flows among providers”.
According to the CoinShares report, Litecoin (LTC) recorded $ 1.8 million in inflows, Polkadot (DOT) recorded $ 1.1 million, and XRP recorded $ 1 million.
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